Oil prices fell to two-and-a-half month lows amid worries that a global glut of crude and refined products would be a drag on markets for some time. The S&P energy index fell 2 percent, its biggest percentage decline since June 27 when Britain's vote to leave the European Union sparked a massive selloff in risk assets. "Second-quarter earnings have come in stronger than we had expected, but for some reason the markets have chosen to obsess about oil prices today," said Kim Forrest, senior equity research analyst, Fort Pitt Capital Group in Pittsburgh.
Verizon Communications Inc said on Monday it would buy Yahoo Inc's core internet properties for $4.83 billion in cash to expand its digital advertising and media business, ending a lengthy sale process for the fading Web pioneer. The purchase will boost Verizon's AOL internet business, which it bought last year for $4.4 billion, as it gains access to Yahoo's ad technology tools, BrightRoll and Flurry, and search, mail and messenger assets. "Yahoo gives us scale that is what is most critical here, Marni Walden, who is head of product innovation and new business at Verizon told CNBC, adding that the company's audience will go from the millions to the billions.
By Junko Fujita TOKYO (Reuters) - Shares in Nintendo Co tumbled as much as 18 percent on Monday after the company said Pokemon GO would have a limited impact on its earnings - their biggest setback so far after a huge run-up on the smash-hit game. The Kyoto-based gaming company, which is due to report first-quarter results this week, surprised markets with a statement on Friday that income garnered through its 32 percent stake in affiliate Pokemon Company, which owns the licensing rights, would be limited and that it did not plan to revise its earnings outlook for now. "The market has overreacted to the Nintendo statement," said David Gibson, a senior analyst at Macquarie Securities Group, noting the game in Japan had broken records with 10 million downloads in one day.